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NY S06609
Bill
Status
6/8/2023
Primary Sponsor
Jeremy Cooney
Click for details
AI Summary
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Amends the definition of "small business" in Executive Law Section 310, subdivision 20 for minority and women business enterprises (MWBE)
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Increases the maximum employee threshold from 300 to 500 persons for a business to qualify as a small business, based on industry standards
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Maintains existing requirements that small businesses must have significant state presence, be independently owned and operated, and not be dominant in their field
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Continues to reference federal Small Business Administration standards (13 CFR part 121) as a factor in determining small business classification
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Takes effect immediately upon enactment
Legislative Description
Increases the number of persons from three hundred to five hundred to be considered a small business for the purposes of MWBE.
Last Action
COMMITTED TO RULES
6/7/2024